Thompson Lane Sears site sells for $13M

An entity affiliated with Nashville-based C.B. Ragland Co. has acquired for $13 million the Berry Hill-area property home to the Sears Outlet store and Sears’ home services and repair divisions.

The 7.6-acre property has an address of 640 Thompson Lane (see here courtesy of Google Maps). It is home to a 110,000-square-foot building that is leased to the aforementioned Sears entities.

According to Metro records, Sears Roebuck and Co. acquired the South Nashville site in June 1966 for $246,040 and then constructed the building. It sold the property to an affiliated entity (SRC Facilities Statutory Trust No. 2003-A) in July 2017 for $10 million.

Of note, C.B. Ragland Co. owns an adjacent 255,000-square-foot industrial building that it leases to Southeastern Salvage, Hester and Cook Design Group, The Pasta Shoppe, Evergreen Foods and Rock City Machine. With the acquisition, the company, headquartered at 2720 Eugenia Ave., now owns 22 essentially contiguous acres through which Eugenia runs.

C.B Ragland President Michael Hayes said the Sears property is “incredibly well located.” The site sits at the terminus of Sidco Drive and Thompson Lane, adjacent to what he called a “burgeoning design district” that over the last decade has emerged on Sidco. To the west is the Eighth Avenue corridor and to the southeast is the Nolensville Road corridor.

“We saw an opportunity to buy the building and lease it back to Sears and wanted to grow our portfolio in the Berry Hill/100 Oaks area,” Hayes emailed the Post. “It’s business as usual for Sears, which has been a part of the neighborhood since 1967, and for our tenants at the Ragland Business Center that is adjacent to the property.

As the Post recently reported, C.B. Ragland plans to relocate during the second quarter its corporate headquarters to the 222  2nd mixed-use building it co-developed in SoBro with Houston-based Hines.

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